Receives bids for 3.45 crore shares
The initial public offer (IPO) of ICICI Securities received bids for 3.45 crore shares, data on the National Stock Exchange of India (NSE) website showed as at 17:30 IST. The issue was subscribed 0.78 times. The issue opened for subscription on 22 March 2018 and closes today, 26 March 2018. The price band for the issue is Rs 519 to Rs 520 per share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 21 March 2018, finalized allocation of 3.30 crore equity shares to anchor investors at Rs 520 per share.
The offer comprised sale of up to 7.72 crore equity shares, representing about 23.98% of the equity share capital for cash, through an offer for sale by ICICI Bank. The entire proceeds from the offer for sale (OFS) will be paid to selling shareholders.
The objects of the offer are to achieve the benefits of listing the equity shares of the company on the stock exchanges. The listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders.
On a consolidated basis, ICICI Securities' profit after tax stood at Rs 399.09 crore on sales of Rs 1218.36 crore in the nine months ended December 2017.
Incorporated in 1995, ICICI Securities is a wholly owned subsidiary of ICICI Bank, India's largest financial conglomerate, offering a wide range of financial services including brokerage, financial product distribution and investment banking.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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